EU Poised to Divulge Stress Test Data

European officials appear to be conceding to pressure to disclose the results of a new round of bank stress tests due to be completed this month.

The European Central Bank will publicize the results of tests by individual banks, going beyond a previous plan to issue the information on a country-by-country basis, CNBC quoted a senior bank official as saying Wednesday.

Lorenzo Bini Smaghi, a member of the ECB's executive board, reportedly said in an interview with the cable network that the banks' test results will begin to be published in the next couple of weeks, beginning with European Union member Spain. CNBC was scheduled to air its interview with Bini Smaghi later Wednesday. Earlier in the day, a top official from Spain's central bank outlined plans to unilaterally release results of tests of that country's banks.

Bini Smaghi, according to CNBC, said the change was in response to investor pressure for greater transparency about the health of banks throughout the 27-nation EU.

The ECB official was in New York to present a speech at an event on potential reforms to the financial system.

The EU countries are scheduled to meet at the end of the month to discuss the outcome of the tests.

Around 30 large European cross-border financial services firms are being tested by Europe's banking supervisors on their capital requirements and overall financial resilience.